Guideline Value for NEW POWER CITY PART 2

New Power City Part 2 guideline value

The current guideline value for New Power City Part 2 is Rs 330 per sq.ft, effective from 1 July 2024. This area is located in Melsingilimedu village, under the Thiruvottiyur SRO, and is classified as Commercial Class I Type - I.

How the guideline value of New Power City Part 2 has changed

The guideline value for New Power City Part 2 has undergone several revisions over the years. The earliest recorded value in the register is from 2012, set at Rs 300 per sq.ft. This was followed by a decrease to Rs 201 per sq.ft in 2017, and then an increase to Rs 300 per sq.ft in 2023. The most recent revision in 2024 has further increased the value to Rs 330 per sq.ft. The register has no figures for the years 2002, 2003, and 2007 for this street.

Between the revisions, significant changes occurred. From 2012 to 2017, there was a decrease of 33%, while from 2017 to 2023, the value increased by 49%. The overall change from 2012 to 2024 shows a rise of 10% in the guideline value.

Guideline values in Melsingilimedu

Melsingilimedu village has 14 streets under the Thiruvottiyur SRO that carry a 2024 guideline value ranging from Rs 330 to Rs 880 per sq.ft, with the median being Rs 330 per sq.ft. The guideline value for New Power City Part 2 aligns with this median.

• New Star City: Rs 330 per sq.ft (2024)
• Kumaran Nagar/All Part: Rs 330 per sq.ft (2024)
• Sri Kaligambal Avenue: Rs 330 per sq.ft (2024)
• Sri Kaligambal Nagar: Rs 330 per sq.ft (2024)
• Sri Kaligambal Nagar Ext: Rs 330 per sq.ft (2024)
• Sri Lakshmi Amman Nagar: Rs 330 per sq.ft (2024)

Stamp duty and registration fee for property in New Power City Part 2

For a 1,000 sq.ft plot at the current rate of Rs 330 per sq.ft, the guideline value amounts to Rs 3,30,000. The stamp duty at 7% would be Rs 23,100, and the registration fee at 2% would be Rs 6,600, totaling Rs 29,700. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers New Power City Part 2?

The Sub Registrar Office that covers New Power City Part 2 is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Melsingilimedu

The guideline value plays a crucial role in property transactions in Melsingilimedu. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling property, the guideline value ensures that the transaction is recorded accurately and fairly in the official register.

During the registration process, both the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value for New Power City Part 2?

The current guideline value for New Power City Part 2 is Rs 330 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 300 per sq.ft in 2012 to Rs 201 per sq.ft in 2017, then to Rs 300 per sq.ft in 2023, and finally to Rs 330 per sq.ft in 2024.

What is the land classification for New Power City Part 2?

New Power City Part 2 is classified as Commercial Class I Type - I, which indicates its usage for commercial purposes.

Where can I find the Thiruvottiyur Sub Registrar Office?

The Thiruvottiyur Sub Registrar Office is located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

How is stamp duty calculated for properties in New Power City Part 2?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For instance, for a 1,000 sq.ft plot at Rs 330 per sq.ft, the stamp duty would be Rs 23,100.